NEW YORK ( TheStreet) -- Dry-bulk shipping concerns saw their U.S.-listed shares rise sharply again Monday as shipping rates continued to strengthen and a Deutsch Bank analyst raised the firm's rating on several stocks in the sector.
Day rates for dry-bulk services extended their recent run northward Monday on the back of Chinese demand for raw materials and worsening congestion at ports in Australia and China, with ships stacked up and waiting to unload or pick up their cargo. One analyst said that 132 capesize ships were at anchorage last week in the world's major ore and coal ports, up from 112 a month earlier, a situation that squeezes supply.
The Baltic Dry Index, which tracks the daily changes in spot rates for dry-bulk carriers, rose 2.7% Monday. Fees for capesize ships, the largest dry cargo vessels in the world, jumped 2% to $78,075, according to the Baltic Exchange, the London-based ship broker.
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